A New Gasoline Price Record

Update: I am gasoline-centric like most in the U.S., but as a reader pointed out, diesel prices are way up there as well. Whereas gasoline just barely beat last May’s record, diesel is currently $1.00/gal higher than it was last spring.

While last year’s record numbers were on the back of record low gasoline inventories, this year’s climb is on the back of record high oil prices. I think prices will peak short of the $4/gal mark, primarily because inventories are so high. But if oil prices continue to run up, or gasoline inventories start to fall, all bets are off.

Here’s hoping that this encourages people to start changing their behaviors and reduce their consumption. High prices are here to stay, so best get yourself prepared for them.